PUBLISHER: Grand View Research | PRODUCT CODE: 1268744
PUBLISHER: Grand View Research | PRODUCT CODE: 1268744
The U.S. thermoplastics micro molding market size is expected to reach USD 308.1 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.9% from 2023 to 2030. Micro molding is a highly specialized manufacturing process that produces micron-sized, high-precision thermoplastic parts and components. Thermoplastics micro molding finds its application in the production of micromechanical parts in the medical, electronics, automotive, and packaging industries.
Additionally, these moldings are used for precision and robust parts production which are used in automotive in order to produce lightweight and fuel-efficient vehicles. Thus, increasing consumer spending and rising automotive demand in the U.S. is expected to be beneficial for the overall market.Moreover, the U.S. is a major market for thermoplastic micro molding on account of its highly developed economy, growing medical industry combined with a highly skilled workforce, and R&D initiatives to encourage product innovation.
Prominent companies engaged in the production of thermoplastics micro molding include SMC Corporation, ACCU Mold LLC, ALC Precision (American Laubsher Corp) NY, and Makuta Technics Inc. These manufacturers supply their products to the market through several distribution channels including third-party agreements with wholesalers and vendors, direct supply agreements with automotive companies, and e-commerce portals.
Companies in the market are investing in R&D activities to provide the best suitable structure and product technology. Investment in research & development is expected to provide new opportunities for the players. In addition, properties such as low manufacturing cost, good insulation, and low processing cost are expected to attract new players into the market.
Thermoplastics micro molding is light-weighted thus reducing the overall weight of the structures. They have better-resolution feed options that lead to an equal pressure distribution inside the cavity, as micro molding machines can inject fractions of a gram with a high degree of precision. Moreover, micro molds are also employed in micro injection molding which is helpful in manufacturing micro medical components, in turn increasing the product demand.
The prices of major raw materials are susceptible to fluctuations. For instance, the price of liquid crystal polymer is increasing owing to a shortage of supply and rising feedstock as well as energy costs. Several manufacturing industries are also involved in the utilization of raw materials necessary for the production of thermoplastic micro molding, which positively influences the bargaining power of suppliers. However, the manufacturers are also involved in backward integration, which eliminates the need for suppliers.